Deere & Company · NYSE:DE
Deere & — Q2 2026 Earnings Presentation
19 slides from Deere &'s earnings presentation, May 21, 2026
Slide 1: 2Q 2026 Earnings Call
2Q 2026 Earnings Call 21 May 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This earnings call and accompanying materials include forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “forecast,” “guidance,”
Slide 3: 2Q 2026 Results
2Q 2026 Results ($ millions except where noted) Net Sales and Net Sales Net Income Diluted EPS (Equipment Operations) (attributable to ($ per share) Revenues Deere & Company) $12,763 $13,369 $11,171 $11,778 $6.64 $6.55 $1,804 $1,773 2Q 2025 2Q 2026 2Q 2025 2Q 2026 2Q 2025 2Q 2026 2Q 2025 2Q 2026 5%
Slide 4: Production & Precision Ag
Production & Precision Ag 2Q 2026 Results $ in millions Net Sales 14% ($402) Operating Profit Comparison $1,148 $5,230 $75 ($51) $49 ($77) $4,503 ($4) $0 ($32) $706 2Q 2025 Volume/ Price Currency Warranty Production SA&G/ Special Other 2Q 2026 2Q 2025 2Q 2026 Mix Costs R&D Items 4 John Deere | 2Q 20
Slide 5: Small Ag & Turf
Small Ag & Turf 2Q 2026 Results $ in millions Net Sales 16% Operating Profit Comparison $27 ($22) $2 ($11) $0 $40 $8 $101 $719 $3,485 $2,994 $574 2Q 2025 2Q 2026 2Q 2025 Volume/ Price Currency Warranty Production SA&G/ Special Other 2Q 2026 Mix Costs R&D Items 5 John Deere | 2Q 2026 Earnings Call |
Slide 6: Ag and Turf Industry Outlook – FY 2026
Ag and Turf Industry Outlook (in units) – FY 2026 U.S. and CANADA U.S. and CANADA EUROPE AG LARGE AG SMALL AG and TURF Down 15-20% Flat to up 5% Flat to up 5% SOUTH AMERICA AG ASIA AG (tractors and combines) Down ~15% Flat Source: Deere & Company forecast as of 21 May 2026 6 John Deere | 2Q 2026 Ear
Slide 7: Production & Precision Ag Business Segment Outlook
Production & Precision Ag Business Segment Outlook $ in millions Net Sales Operating Margin 5-10% 11-13% 15.4% $17,311 FY 2025 FY 2026 Fcst FY 2025 FY 2026 Fcst Source: Deere & Company forecast as of 21 May 2026 7 John Deere | 2Q 2026 Earnings Call | May 21, 2026
Slide 8: Small Ag & Turf Business Segment Outlook
Small Ag & Turf Business Segment Outlook $ in millions Net Sales Operating Margin ~15% 13.5-15% $10,224 11.8% FY 2025 FY 2026 Fcst FY 2025 FY 2026 Fcst Source: Deere & Company forecast as of 21 May 2026 8 John Deere | 2Q 2026 Earnings Call | May 21, 2026
Slide 9: Construction & Forestry
Construction & Forestry 2Q 2026 Results $ in millions Net Sales 29% Operating Profit Comparison $36 ($9) ($82) $80 $3,790 ($34) $191 $0 $0 $561 $2,947 $379 2Q 2025 2Q 2026 2Q 2025 Volume/ Price Currency Warranty Production SA&G/ Special Other 2Q 2026 Mix Costs R&D Items 9 John Deere | 2Q 2026 Earnin
Slide 10: Construction & Forestry Industry Outlook
Construction & Forestry Industry Outlook (in units) – FY 2026 U.S. and CANADA U.S. and CANADA COMPACT CONSTRUCTION EQUIPMENT CONSTRUCTION EQUIPMENT Up ~5% Up ~5% GLOBAL FORESTRY GLOBAL ROADBUILDING Down ~5% Up ~10% Source: Deere & Company forecast as of 21 May 2026 10 John Deere | 2Q 2026 Earnings C
Slide 11: Construction & Forestry Business Segment Outlook
Construction & Forestry Business Segment Outlook $ in millions Net Sales Operating Margin 10-12% ~20% $11,382 9.0% FY 2025 FY 2026 Fcst FY 2025 FY 2026 Fcst Source: Deere & Company forecast as of 21 May 2026 11 John Deere | 2Q 2026 Earnings Call | May 21, 2026
Slide 12: Financial Services Net Income – Results and Outlook
Financial Services Net Income – Results and Outlook $ in millions Quarter Results Fiscal Year Outlook $890 ~ $860 $161 $190 2Q 2025 2Q 2026 FY 2025 FY 2026 Fcst Source: Deere & Company forecast as of 21 May 2026 12 John Deere | 2Q 2026 Earnings Call | May 21, 2026
Slide 13: Deere & Company Outlook
Deere & Company Outlook FY 2026 FORECAST Net Income Effective Net Operating (attributable to Deere & Co.) Tax Rate* Cash Flow* $4.5-5.0B 24-26% $4.5-5.5B Research and Development Expenses* Up slightly Other Capital Expenditures* ~$1.4B *Equipment Operations Source: Deere & Company forecast as of 21
Slide 14: Appendix
Appendix 14 John Deere | 2Q 2026 Earnings Call | May 21, 2026
Slide 15: April 2026 Retail Sales and Dealer Inventories
April 2026 Retail Sales (Rolling 3 Months) and Dealer Inventories Retail Sales U.S. and Canada Ag Industry* Deere** 2WD Tractors (< 40 PTO hp) 12% Up a single digit 2WD Tractors (40 < 100 PTO hp) 4% Up a single digit 2WD Tractors (100+ PTO hp) 14% Down more than the industry 4WD Tractors 24% Down le
Slide 16: April 2026 Retail Sales (Rolling 3 Months)
April 2026 Retail Sales (Rolling 3 Months) Retail Sales Europe Ag Deere* Tractors Up double digits Combines Up double digits Retail Sales U.S. and Canada Deere* Selected Turf and Utility Equipment Up low double digits Earthmoving and Forestry Up low double digits * Based on internal sales reports 16
Slide 17: Deere Use-of-Cash Priorities
Deere Use-of-Cash Priorities CASH FROM OPERATIONS Equipment Operations Cash Flow from Operating Activities Manage the balance sheet, including liquidity, to support a rating that provides COMMITTED access to low-cost and readily available short- and long-term funding TO “A” RATING mechanisms (reflec
Slide 18: 3Q 2026 earnings call scheduled for 20 August 2026
Deere & Company’s 3Q 2026 earnings call is scheduled for 9:00 a.m. Central Time on Thursday, 20 August 2026. 18 John Deere | 2Q 2026 Earnings Call | May 21, 2026
Slide 19: John Deere
@ JOHN DEERE